>>> Europe : Brokers Upgrades & Downgrades - 23rd of January 201

>>> Up
*Aixtron Raised to Hold at Baader-Helvea, PT EU3.60
*Antofagasta Raised to Buy at Citi, PT 870p
*Banca Generali Raised to Outperform at MedioBanca, PT EU30
*Deutsche Telekom Raised to Overweight at JPMorgan, PT EU19.50
*Dish Raised to Overweight at Morgan Stanley, PT $75
*Husky Energy Raised to Buy at Goldman
*Elis Raised to Buy at HSBC
*Phoenix Raised to Buy at Berenberg, PT 821p
*Puma Raised to Buy at Deutsche Bank, PT EU300
*Puma Raised to Neutral at JPMorgan, PT EU238
*RAI Way Raised to Buy at Jefferies, PT EU4.90
*Salmar Raised to Buy at DNB Markets, PT NOK275
*SSE Raised to Add at AlphaValue

>>> Down
*Admiral Cut to Sell at Deutsche Bank, PT 1670p
*Austevoll Seafood Cut to Hold at DNB Markets, PT NOK82
*Cenovus Energy Cut to Sell at Goldman
*Euronav Cut to Hold at Bank Degroof Petercam, PT EU8
*GAM Holding Cut to Underperform at Credit Suisse
*Inmarsat Cut to Neutral at BofAML, PT 710p
*Jupiter Cut to Underperform at Credit Suisse
*Leroy Cut to Hold at DNB Markets, PT NOK495
*Marine Harvest Cut to Hold at DNB Markets, PT NOK165
*Mediolanum Cut to Neutral at MedioBanca, PT EU8.20
*Nordea Cut to Neutral at SpareBank; PT Raised to 110 Kronor (Friday Afternoon)
*Norway Royal Salmon Cut to Neutral at Swedbank, PT NOK196
*Tarkett Cut to Hold at HSBC, PT EU37
*Zodiac Aerospace Cut to Neutral at Credit Suisse, PT EU29.47

>>> PT Change


>>> Initiation
*Inwit Rated New Hold at Jefferies, PT EU5
*Ocado Rated New Underperform at Bernstein, PT 190p
*Orange Rated New Hold at Berenberg, PT EU16
*SFR Group Rated New Sell at Berenberg, PT EU24.50

>>> Call
>> Stock
*DASSAULT SYSTEM ADDED TO EUROPE 1 LIST AT BOFAML
*VOLKSWAGEN ADDED TO CONVICTION BUY LIST AT GOLDMAN